IVAN SINGH, Vs. ASSTT. COMMISSIONER INCOME-TAX

JUDGEMENT

(1.) Heard Dr. Daniel with Ms. Y. Mandrekar, the learned Counsel for the appellant-assessee and Ms. Susan Linhares, the learned Standing Counsel for the respondent-Revenue.

(2.) On 02.12.2013, this Appeal came to be Admitted on the following substantial questions of law:

(3.) Insofar as the first substantial question of law is concerned, Dr. Daniel has pointed out that Section 68 of the Income Tax Act, 1961 (IT Act), is very clear in providing that where any sum is found to be credited in the books of the assessee for the previous year and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to the income tax as the income of the assessee of that previous year. Relying upon several decisions, Dr. Daniel submits that since, it is the case of Revenue that some amounts were found credited in the books of account for the financial year 2006-07, there was no question of taking cognizance of such amounts for the assessment year 2009-10 and the corresponding previous year 2008-09. He submits that on this short ground, the first substantial question of law, is liable to be answered in favour of the appellant-assessee and against the respondent-Revenue.